FATF: The danger of driving both illicit markets and financial exclusion

20/10/2014 - IEC

FATF President Roger Wilkins addresses the issue of ‘de-risking’. Applying FATF’s standards to combat money laundering and countering the financing of terrorism, requires financial institutions to carry out a process of customer due diligence. The standards do not require a rigid, blanket application of that requirement, but specifically call for a proper risk analysis: the risk-based approach. When it comes to innovation, regulators need to be flexible, focusing on dealing with threats and dangers but not at the expense of killing off innovation.

The danger of driving both illicit markets and financial exclusion

 

Thématiques: Profession > International;Profession > Déontologie
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